Put a vehicle in service in 2023 used partly for business.
2023: vehicle cost new: $60,660
Business use: 38%
Depreciation deduction based on 5yr, SL/HY: $60,660 x .10 x .38 = $2,305
2024: business use 88%
Depreciation deduction based on 5yr SL/HY: $60,660 x .2 x .88 = $10,685 - this is what my tax adviser says it should be....
TT24 carried over the correct prior depreciation from 2023 but is showing a basis for depreciation of $53,429 and a deduction of $11,361, both of which appear to be incorrect.
Any insights of how TT24 is calculating my deduction for this year?
